Ogier advises Metropolitan Life Insurance Company on pension longevity swap

Ogier's Insurance and Reinsurance team in Guernsey has advised Metropolitan Life Insurance Company on its entry into a transaction with the trustee of the £1 billion Merchant Navy Ratings Pension Fund.

The transaction was structured through a Guernsey-based captive insurer with onwards reinsurance to Metropolitan Life (MetLife) for the purpose of managing longevity risk in relation to approximately £450 million's-worth of pensioner and dependent liabilities.

Ogier supported Eversheds Sutherland as deal counsel to MetLife. The Ogier team was led by partner Richard Sharp assisted by managing associate Michelle Watson Bunn.

Richard said: "We were delighted to support Eversheds Sutherland in assisting MetLife on this longevity swap, demonstrating Ogier's expertise in pension longevity risk transfers. We are pleased to contribute to Guernsey's status as the leading captive insurance domicile in Europe."